Assembled in the USA from 100% Chinese parts.
15th September 2009
Judge Jed Rakoff's order in the Bank of America/Merrill Lynch case.
Yesterday, Judge : Jed S. Rakoff threw out the Securities and Exchange Commission's proposed settlement with Bank of America. The S.E.C. alleges that the Bank lied to shareholders by failing to inform them of up to $5,800 million* in bonuses paid to Merrill Lynch employees just before Bank of America bought Merrill last year. In the proposed settlement, the Bank would pay the S.E.C. $33 million in fines, and the S.E.C. would drop the case.
From Judge Rakoff's order (copy hosted at http://online.wsj.com/public/resources/documents/bofaorder914.pdf):
In other words, the parties were proposing that the management of Bank of America – having allegedly hidden from the Bank’s shareholders that as much as $5.8 billion of their money would be given as bonuses to the executives of Merrill who had run that company nearly into bankruptcy – would now settle the legal consequences of their lying by paying the S.E.C. $33 million more of their shareholders’ money.As Andrew Clark wrote yesterday in the Guardian: "Thank goodness for an independent judiciary."
(The Wall Street Journal adds: "We look forward to [the trial], especially in light of the recent news that Fed and Treasury knew all about these bonuses and stayed mum." a reference to allegations circulating in the blogosphere that the S.E.C may have been going easy on Bank of America in order to bury the claim that Chairman Bernanke and Secretary Paulson exerted pressure on Bank of America's CEO Ken Lewis not to talk about the problems at Merrill.
Perhaps we'll get to hear about it at trial.)
*Consistency for emphasis. See xkcd's take.
This cell phone poll is from bloodstones.
Check all that apply: The area code on my cell phone number...
is where I grew up
is where my parents live currently
is where my parents were living when I first got a cell phone
is where I was living when I first got a cell phone
is where I went to college (or where I first lived after moving out of my parents house)
is where I first lived after college (or where my first 'real' apartment was)
is where my first job was/is
is where I live now
other - please specify in comments
Please check one:
I consider the area code of my cell phone number to be where I'm from.
I do not consider the area code of my cell phone number to be where I'm from.
How many times have you changed your cell phone number?
If you've changed your cell phone number, what reason(s) did you have for changing it?
How many places do you call home?
>7 - specify in comments